The New York City-based company said its fiscal fourth-quarter net profit was $31.1 million, or 25 cents per share, a 76% drop from the $127.4 million, or 96 cents per share, that the company earned in the year-ago period.

Not including special one-time items, such as restructuring costs and writedowns, Tiffany profited 85 cents per share, which beat the average Wall Street analyst estimate of 78 cents per share.

Overall sales for the quarter fell 20% from year-ago levels to $841.2 million. These numbers include a 34% sales decline in the quarter at Tiffany's flagship store in Manhattan.